Price to Earnings (P/E)
since 2005
Calculation
Corning Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) available to common shareholders1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 12, 2024 | 47.27 | = | 32.18 | ÷ | 0.68 | 0.68 | = | 581 | ÷ | 853,474,317 | |
| Feb 13, 2023 | 22.95 | = | 35.67 | ÷ | 1.55 | 1.55 | = | 1,316 | ÷ | 846,563,422 | |
| Feb 14, 2022 | 32.37 | = | 41.29 | ÷ | 1.28 | 1.28 | = | 1,079 | ÷ | 845,849,498 | |
| Feb 12, 2021 | 68.45 | = | 36.88 | ÷ | 0.54 | 0.54 | = | 414 | ÷ | 768,367,889 | |
| Feb 18, 2020 | 24.78 | = | 27.97 | ÷ | 1.13 | 1.13 | = | 862 | ÷ | 763,628,266 | |
| Feb 12, 2019 | 27.65 | = | 34.02 | ÷ | 1.23 | 1.23 | = | 968 | ÷ | 786,761,073 | |
| Feb 15, 2018 | — | = | 29.54 | ÷ | -0.69 | -0.69 | = | -595 | ÷ | 857,453,098 | |
| Feb 6, 2017 | 6.89 | = | 26.71 | ÷ | 3.88 | 3.88 | = | 3,597 | ÷ | 928,093,508 | |
| Feb 12, 2016 | 16.49 | = | 18.39 | ÷ | 1.12 | 1.12 | = | 1,241 | ÷ | 1,112,837,205 | |
| Feb 13, 2015 | 13.37 | = | 25.00 | ÷ | 1.87 | 1.87 | = | 2,378 | ÷ | 1,271,340,532 | |
| Feb 10, 2014 | 13.08 | = | 18.43 | ÷ | 1.41 | 1.41 | = | 1,961 | ÷ | 1,392,124,762 | |
| Feb 13, 2013 | 10.89 | = | 12.78 | ÷ | 1.17 | 1.17 | = | 1,728 | ÷ | 1,472,398,789 | |
| Feb 13, 2012 | 7.40 | = | 13.67 | ÷ | 1.85 | 1.85 | = | 2,805 | ÷ | 1,518,270,483 | |
| Feb 10, 2011 | 9.75 | = | 22.16 | ÷ | 2.27 | 2.27 | = | 3,558 | ÷ | 1,565,707,084 | |
| Feb 10, 2010 | 13.60 | = | 17.52 | ÷ | 1.29 | 1.29 | = | 2,008 | ÷ | 1,558,884,218 | |
| Feb 24, 2009 | 3.00 | = | 10.14 | ÷ | 3.38 | 3.38 | = | 5,257 | ÷ | 1,555,025,555 | |
| Feb 15, 2008 | 16.90 | = | 23.08 | ÷ | 1.37 | 1.37 | = | 2,150 | ÷ | 1,574,635,950 | |
| Feb 27, 2007 | 17.25 | = | 20.38 | ÷ | 1.18 | 1.18 | = | 1,855 | ÷ | 1,569,697,474 | |
| Feb 24, 2006 | 65.27 | = | 24.70 | ÷ | 0.38 | 0.38 | = | 585 | ÷ | 1,545,982,974 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Corning Inc. Annual Report.
The Price-to-Earnings (P/E) ratio exhibits significant volatility over the analyzed period from 2006 to 2024, reflecting a complex relationship between market valuation and actual earnings performance.
- Earnings Per Share (EPS) Dynamics
- EPS demonstrates substantial instability, with notable peaks recorded in 2009 at 3.38 and 2017 at 3.88. A significant negative outlier occurred in 2018, where earnings fell to -0.69, rendering the P/E ratio inapplicable for that fiscal year. Recent trends indicate a contraction in profitability, with EPS decreasing from 1.55 in 2023 to 0.68 in 2024.
- Share Price Evolution
- The share price experienced a sharp decline to a historical low of 10.14 in 2009 before entering a long-term recovery phase. This upward trajectory peaked in 2022 at 41.29. The lack of a consistent correlation between price movements and earnings growth has contributed to the erratic nature of the P/E multiples.
- P/E Ratio Pattern Analysis
- The valuation multiples can be divided into three distinct periods. An initial period of extreme valuation is seen in 2006 with a P/E of 65.27. This was followed by a decade of relative compression (2007–2017), where the ratio frequently remained below 20.00, hitting a floor of 3.00 in 2009. The most recent period (2019–2024) is characterized by a significant expansion of the multiple, with a peak of 68.45 in 2021 and a recent rise to 47.27 in 2024.
The recent elevation of the P/E ratio to 47.27 is primarily attributable to a decline in earnings per share while the share price remained relatively high. This suggests a divergence where the market valuation has not contracted in proportion to the decrease in fundamental earnings.
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Comparison to Competitors
Corning Inc., P/E, long-term trends, comparison to competitors
| Corning Inc. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|---|
| Feb 12, 2024 | 47.27 | 28.33 | 39.77 | 18.26 | 11.94 | — | 21.10 |
| Feb 13, 2023 | 22.95 | 24.82 | 32.05 | 15.78 | 7.31 | 31.19 | 12.72 |
| Feb 14, 2022 | 32.37 | 25.96 | 47.57 | 23.34 | 20.88 | 15.85 | 16.15 |
| Feb 12, 2021 | 68.45 | 32.24 | 37.42 | 15.46 | 6.21 | 46.62 | 17.04 |
| Feb 18, 2020 | 24.78 | 20.00 | 19.88 | 17.69 | — | — | 15.81 |
| Feb 12, 2019 | 27.65 | 16.07 | 60.93 | 1,964.84 | — | 17.86 | 24.38 |
| Feb 15, 2018 | — | 18.32 | 43.57 | 16.37 | — | — | 14.85 |
| Feb 6, 2017 | 6.89 | 13.49 | 45.89 | 14.69 | — | — | 14.46 |
| Feb 12, 2016 | 16.49 | 12.46 | 38.16 | 14.82 | — | — | 12.64 |
| Feb 13, 2015 | 13.37 | 15.60 | 52.60 | 16.14 | — | — | 22.18 |
| Feb 10, 2014 | 13.08 | 12.75 | — | 12.98 | — | — | 26.49 |
| Feb 13, 2013 | 10.89 | 13.42 | — | 12.55 | — | — | 18.42 |
| Feb 13, 2012 | 7.40 | 14.37 | — | 13.54 | — | — | 12.74 |
| Feb 10, 2011 | 9.75 | 20.16 | — | 15.56 | — | — | 13.73 |
| Feb 10, 2010 | 13.60 | 31.17 | — | 21.79 | — | — | 17.29 |
| Feb 24, 2009 | 3.00 | 19.00 | — | 16.35 | — | — | 13.14 |
| Feb 15, 2008 | 16.90 | 41.16 | — | 26.61 | — | — | 13.15 |
| Feb 27, 2007 | 17.25 | 36.65 | — | 24.85 | — | — | — |
| Feb 24, 2006 | 65.27 | 45.25 | — | 19.86 | — | — | — |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Technology Hardware & Equipment)
Corning Inc., P/E, long-term trends, comparison to sector (technology hardware & equipment)
| Corning Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Feb 12, 2024 | 47.27 | 27.10 |
| Feb 13, 2023 | 22.95 | 23.17 |
| Feb 14, 2022 | 32.37 | 25.67 |
| Feb 12, 2021 | 68.45 | 28.13 |
| Feb 18, 2020 | 24.78 | 21.01 |
| Feb 12, 2019 | 27.65 | 19.89 |
| Feb 15, 2018 | — | 18.27 |
| Feb 6, 2017 | 6.89 | 13.86 |
| Feb 12, 2016 | 16.49 | 12.86 |
| Feb 13, 2015 | 13.37 | 15.77 |
| Feb 10, 2014 | 13.08 | 12.81 |
| Feb 13, 2013 | 10.89 | 13.28 |
| Feb 13, 2012 | 7.40 | 14.20 |
| Feb 10, 2011 | 9.75 | 18.52 |
| Feb 10, 2010 | 13.60 | 26.30 |
| Feb 24, 2009 | 3.00 | 17.34 |
| Feb 15, 2008 | 16.90 | 31.28 |
| Feb 27, 2007 | 17.25 | 27.95 |
| Feb 24, 2006 | 65.27 | 24.65 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Information Technology)
Corning Inc., P/E, long-term trends, comparison to industry (information technology)
| Corning Inc. | Information Technology | |
|---|---|---|
| Feb 12, 2024 | 47.27 | 36.13 |
| Feb 13, 2023 | 22.95 | 26.99 |
| Feb 14, 2022 | 32.37 | 29.75 |
| Feb 12, 2021 | 68.45 | 30.97 |
| Feb 18, 2020 | 24.78 | 23.40 |
| Feb 12, 2019 | 27.65 | 23.17 |
| Feb 15, 2018 | — | 23.55 |
| Feb 6, 2017 | 6.89 | 19.69 |
| Feb 12, 2016 | 16.49 | 16.54 |
| Feb 13, 2015 | 13.37 | 17.14 |
| Feb 10, 2014 | 13.08 | 14.15 |
| Feb 13, 2013 | 10.89 | 14.37 |
| Feb 13, 2012 | 7.40 | 13.71 |
| Feb 10, 2011 | 9.75 | 15.08 |
| Feb 10, 2010 | 13.60 | 21.50 |
| Feb 24, 2009 | 3.00 | 15.83 |
| Feb 15, 2008 | 16.90 | 36.48 |
| Feb 27, 2007 | 17.25 | 32.07 |
| Feb 24, 2006 | 65.27 | 33.76 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).